Which of the following is a source of wage stickiness?
1. fixed wage contracts
2. minimum wage laws
3. workers and firms want to avoid complexity of negotiating contracts frequently
A. I and III only
B. I and II only
C. I only
D. I, II, and III
Answer: D. I, II, and III
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Refer to Mexico and Japan. What is the cost of producing 1 bushel of food in Mexico?
a. 3 hours of labor.
b. 1/2 bolt of cloth.
c. 1/3 bushel of imported Japanese food.
d. 1/4 bolt of imported Japanese cloth.
Governments can use public regulation to help solve information problems by:
A. mandating participation in a market or program. B. making screening illegal. C. mandating employers build a reputation before screening. D. All of these statements are true.
Managers and entrepreneurs are
A) the same. B) different. C) assume risk. D) always stockholders.
The derived demand for borrowed funds has the characteristic negative slope of any demand curve.
Answer the following statement true (T) or false (F)